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Paul Krugman in the UK and kicking up a storm

POSTED BY: KPO
UPDATED: Wednesday, June 6, 2012 15:44
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Thursday, May 31, 2012 8:41 AM

KPO

Sometimes you own the libs. Sometimes, the libs own you.


Austerity, Keynesianism, the size of the state...

Paul Krugman on BBC's Newsnight, and on good form (there's a 5min intro before the debate starts):


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Thursday, May 31, 2012 9:38 AM

PIZMOBEACH

... fully loaded, safety off...


I believe him completely, partly because people in both US parties don't like him.
Some of it was mush for me until he zeroed in on how so many pundits and politicians fail to understand that the Economy is not the same as our individual economies. When we spend too much and have too much debt, of course we need personal austerity measures. But with nations, if everyone is saving and no one is buying then stagnation, Depression. Love to see him get riled up too :)

Scifi movie music + Firefly dialogue clips, 24 hours a day - http://www.scifiradio.com

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Saturday, June 2, 2012 8:57 AM

KPO

Sometimes you own the libs. Sometimes, the libs own you.


Yeah, he's been pretty critical of Obama, though I sometimes find him a bit too critical when it comes to Republicans. On his economics though, the case he makes is well made, and quite compelling - certainly more than the pro-austerity side. And his predictions have been consistently right - that the stimulus wouldn't work, and that austerity would work even less well.

Quote:

Love to see him get riled up too :)

I liked the "...[mutter, mutter] Estonia my God..." line at the end. He's been through the Estonia figures pretty thoroughly on his blog.

It's not personal. It's just war.

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Wednesday, June 6, 2012 3:44 PM

KPO

Sometimes you own the libs. Sometimes, the libs own you.


In fact that's another reason I like Krugman: he's obsessed with the success of people's predictions, like me. From his latest column:

Quote:

As I said, for all practical purposes this is already a Republican economy.

As an aside, I think it’s worth pointing out that although the economy’s performance has been disappointing, to say the least, none of the disasters Republicans predicted have come to pass. Remember all those assertions that budget deficits would lead to soaring interest rates? Well, U.S. borrowing costs have just hit a record low. And remember those dire warnings about inflation and the “debasement” of the dollar? Well, inflation remains low, and the dollar has been stronger than it was in the Bush years.

Put it this way: Republicans have been warning that we were about to turn into Greece because President Obama was doing too much to boost the economy; Keynesian economists like myself warned that we were, on the contrary, at risk of turning into Japan because he was doing too little. And Japanification it is, except with a level of misery the Japanese never had to endure.




It's not personal. It's just war.

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